Sensex Declines 335 Points; Nifty Dips Below 16,650
(RTTNews) - Indian shares opened lower on Monday, mirroring weak global cues as investors braced for a busy week of U.S. tech earnings and the Fed meeting.
The benchmark S&P BSE Sensex dropped 335 points, or 0.6 percent, to 55,737 in early trade, while the broader NSE Nifty index was down 98 points, or 0.6 percent, at 16,621.
Reliance Industries lost 3.5 percent after warning of global recession headwinds. Infosys fell about 1 percent. The IT giant managed to beat Street estimates on the revenue front but disappointed on margins due to rising costs.
YES Bank tumbled 4 percent despite reporting a 50 percent increase in first-quarter net profit.
Kotak Mahindra Bank was marginally lower and ICICI Bank rose half a percent after unveiling their quarterly results over the weekend.
Sun Pharma, BPCL, Mahindra & Mahindra and ONGC were down 1-2 percent.
Tata Steel gained 2 percent after the company threatened to shut down its U.K. operations unless the British government steps in with a subsidy of about £1.5 billion (Rs 14,400 crore) in the course of the next 12 months.
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